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What is the inventory balance using dollar-value LIFO

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Question - Cherokee Company uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31

Inventory at End-of-year Prices

Price Index

2019

$650,000

1.00

2020

1,255,000

1.06

2021

1,346,250

1.10

Required - What is the 2021 inventory balance using dollar-value LIFO?

Reference no: EM133054368

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